MediCor looks to increase DIP commitment to $7 million, extend maturity to April 15

By Caroline Salls

Pittsburgh, Feb. 12 - MediCor Ltd. requested court approval to increase its debtor-in-possession financing commitment to $7 million and to extend the DIP facility's maturity to April 15, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the DIP commitment was increased to $5 million from the original $2.2 million commitment in January.

The facility was previously set to expire on Feb. 29.

According to the motion, the committee originally negotiated the DIP financing with the intention of completing the sale of its assets by late 2007 but was unable to do so.

The company said it now has agreed in principle to sell the assets on a new timeline, and it needs the additional funding to continue to operate while it completes the sale process and negotiates the terms of a plan of reorganization.

A hearing is scheduled for Feb. 26.

MediCor, a North Las Vegas, Nev., health care company that makes and sells products for the aesthetic, plastic and reconstructive surgery and dermatology markets, filed for bankruptcy on June 29, 2007. Its Chapter 11 case number is 07-10877.

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